Asbury's SG&A Management Offsets Gross Profit Headwinds in 2Q Results
Asbury Automotive Group reported a good second quarter and we are increasing our fair value estimate to $58 from $50 to account for a lower cost of debt than previously modeled. Strong adjusted operating margin including floorplan interest of 4.1% (flat year over year) suggests to us that our midcycle operating margin including floorplan interest of 3.5% (to reflect our expectation of 3% or less in bad times to 4.5% in good times) remains reasonable. Adjusted diluted EPS rose 32% year over year ...Asbury Automotive Group is a holding company. Through its subsidiaries, the company is an automotive retailer. The company's stores provide automotive products and services, including new and used vehicles; parts and service, including vehicle repair and maintenance services, replacement parts and collision repair services; and finance and insurance products, including arranging vehicle financing through third parties and aftermarket products, such as extended service contracts, guaranteed asset protection debt cancellation, prepaid maintenance, and credit life and disability insurance. The company's new vehicle franchise retail network is made up of dealerships operating under locally-branded dealership groups.
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